close

Loans

Loans

Steps to Calculate Eligibility Using a Home Loan Eligibility Calculator!

In today’s times, buying a house without any kind of financial support is something that is largely unheard of. Most homebuyers can only afford a property purchase by applying for a housing loan and arranging for the required funds. Now, while there are various home loan plans offered by different financial institutions, all of these lenders have certain home loan eligibility criteria. Borrowers need to be aware of their home loan eligibility before applying for a loan in order to avoid their home loan application being rejected.

This is where borrowers can find a home loan eligibility calculator to be very useful. This calculator is an online tool that one can find on most lenders’ websites. It helps the user understand the loan amount that they can qualify for based on their home loan eligibility.

For those who are unfamiliar with this kind of calculator, read on to learn more about it in detail:

Steps to calculate one’s eligibility using a home loan eligibility calculator

It is very easy to make use of a home loan eligibility calculator. All that one needs to do is fill up certain information that the calculator requires, based on which the tool will display the loan amount that the user can qualify for. First, the calculator will check whether the user is salaried or self-employed, or self-employed non-individual. Next, the calculator will also check whether the user is already an existing customer with a specific financial institution. Once this is done, enter the monthly salary that is received in hand. Next, set the existing monthly instalments that are currently being paid. After this, mention the tenure (number of months) in which the home loan instalments would be repaid. Lastly, the calculator will also require the interest rate of the home loan. Based on the details provided, the home loan eligibility calculator will then display the loan amount that the user can apply for.

Why is it important to use this calculator?

A common reason why some borrowers struggle with clearing their home loans is because of a lack of planning. It is very important to be aware of the monthly instalments of a home loan beforehand. This is exactly what a home loan eligibility calculator can help with. With this calculator, a user can be aware of the loan amount that they are eligible for. This reduces the chances of getting their loan application rejected. If the loan amount displayed by the calculator is acceptable, the user can go ahead and apply for the loan. If the displayed loan amount is not satisfactory, they can then focus on improving their home loan eligibility first.

Along with a home loan eligibility calculator, one should also use a home loan EMI calculator. An EMI calculator will help in displaying the EMI payments of a specific home loan plan. Users can make changes in the details provided to find a suitable loan amount, tenure, and interest rate. This will help in avoiding any financial struggles that might come up in the future.

read more
Loans

Benefits of Hard Money Loans

When it comes to short-term loans, hard money lenders usually offer more flexible terms than conventional commercial real estate loans. It can fund real estate investment and development opportunities that you cannot get elsewhere.

This article will explain the importance of hard money loan terms that make them favorable, including:

Fast Funding

The biggest benefit of a hard money loan is getting approved for funding quickly. Hard money lenders do not rely on credit scores or other traditional methods for determining whether or not to approve the loan.

Instead, the lender will determine if you qualify by looking at your current equity in the property you want to purchase and your asset value.

Remarkably, hard money loan terms allow them to make fast decisions regarding whether or not they will grant you a loan. Such a design makes it easier to get cash quickly.

Flexible Repayment Terms

Unlike banks, which have strict policies on what they will lend and how they lend, hard money lenders are much more flexible. If you need a bridge loan to cover some costs while you wait for a larger investment to pay off, they will consider it.

Hard money lenders can structure a loan to meet your particular needs. You can often even negotiate with the lender how long you can take to repay the loan.

Less Paperwork

Sometimes called “asset-based” lending, hard money loans put less emphasis on your financial situation and background compared to conventional financing options.

In the nutshell, it means that there is less paperwork involved. The design makes it an attractive option if you do not have time to deal with a mountain of documentation.

Perfect for Investors

Hard money loans are perfect for real estate investors looking to quickly acquire properties that they can flip or rent out to refinance once they improve the property.

In many cases, an investor may need some additional capital to finish up a project before they can refinance with a traditional financial institution.

No Prepayment Penalties

Hard Money Loans are short-term loans (usually from 6 months to 3 years), and there are no prepayment penalties. If you want to pay off your loan early, there is no penalty.

Your company will not need to pay any additional fees or costs because you paid off your loan early. It helps you save money by paying interest only on the amount you borrow and not on the full amount of the loan.

High Approval Rates

One of the best things about hard money lending is how straightforward the qualifications are. Unlike traditional banks, hard money lenders do not base their decisions on traditional factors like credit scores or debt-to-income ratios. Instead, they focus on the asset’s value.

In Summary

Hard Money Loans are an excellent choice for certain projects that may not qualify for a regular loan. They are available at a considerably lower interest rate, making them viable.

The benefits of hard money loans are innumerable. If you want to know why hard money applications are becoming popular, please read this article to learn about these top benefits.

read more
Loans

Slick Cash Loan – Instant Payday Loans With Guaranteed Approval

Slick Cash is a direct lender with a system of direct lenders that allows it to provide instant payday loans. You need to apply online and let the search system find the best loan providers in your area. Then, you can wait for your approved loan amount to be deposited into your account within a few hours. Whether you have poor credit or no credit, Slick Cash has a loan provider to suit your needs.

Slick Cash Loan is a direct lender.

Bad credit history can make it challenging to qualify for a large bank or lender loan, but Slick Cash is different. Slick Cash can approve your loan quickly and immediately give you the funds you need. Because Slick Cash is an online lender, you can apply from any location, and the application process is easy and convenient. A direct lender with Slick Cash will show you your exact payment schedule before accepting the loan.

Slick Cash Loan App works through a network of direct lenders to ensure you get the money you need as soon as possible. You can apply for a loan from any device, and the lender will find the best loans for you based on your information. Once approved, you will receive the money you need on the same day. There are no credit checks, so you can rest assured that you will quickly receive the capital you need.

It doesn’t require a credit check.

You don’t have to have bad credit to get an instant payday loan, and they are fast and straightforward to apply online. You can approach a lender directly, but Slick Cash Loan App is the place to go if you need a loan online. It is free to apply for these loans online, and the application process is the same for both. Once approved, you will receive your money the next business day.

Instant payday loans are available from Slick Cash, an online lender. To get approved, complete a simple application form. You will be asked for basic information such as your current employment and personal information. You can have the funds deposited directly into your bank account in a few minutes. Unlike other lenders, you won’t need to worry about a credit check, and it will be approved quickly.

Applicants must be at least 18 years of age, a resident of the United States, and have a checking account. You must have a job, a bank account, and a steady source of income. Slick Cash’s instant guaranteed approval loan is easy to apply for and will give you the money you need, and you can put the money to work in your bank account.

It offers instant payday loans with bad credit.

Slick Cash Loan is a hassle-free way to get money for immediate needs. Unlike many other loan providers, they don’t check credit, and they can provide you with up to $ 5,000 in loans, while most others can only offer a certain amount. Besides, their process is designed to be fast to have the money in your bank account on the same day.

If you have bad credit but a steady income, you can get a Slick Cash Loan. It’s a simple online application process, and they work quickly and can provide you with your money within 24 hours. Moreover, if you have a low credit score, they offer low-interest loans on your second application. Whether you have bad credit or no credit history, these loans can help you solve your emergency needs.

No-credit-check loans are the best option for people with poor credit, and they offer fast funds, which allows them to stay on top of their lives. Besides, they are the best option for people with bad credit and those who need funds urgently. You can also opt for no credit check installment loans, and they offer a safer option than payday loans and short-term loans. If you have a low credit score, you don’t need to worry – there are several no-fee loans available online.

Conclusion

Slick Cash Loan also offers a bad credit instant loan. Its site features information about the lender, and you’ll have the money in your bank account the next business day. Bad credit loans are an excellent solution to temporary cash problems, and the site is secure and safe to use. And the service works round the clock. The company’s representatives are available to help you get the money you need.

read more
Loans

Wish to Pay Less Interest on a Home Loan? Follow This Guide to Know More!

Applying for a home loan is one of the most common ways of getting financial support to buy a house. There are many lenders offering home loans, but many people have second thoughts given their high interest rates. However, you should know that it is not always necessary to take a loan plan that has a high interest rate. It is possible to bring down the home loan interest rate that a lender is offering through many ways.

4 effective ways in which the interest rate of a home loan can be brought down:

  • Make a higher down payment for the property

A home loan does not cover 100% of the property price. You would have to cover about 20% to 30% of the principal loan amount, which is called the down payment. Now, many borrowers try to pay the minimum down payment so that their loan could cover the maximum expenses. However, it is advisable to pay a higher down payment, as this would mean borrowing a smaller loan amount. Repaying a smaller amount would not only be easier but also faster and would save interest on a limited tenure.

  • Consider different loan plans

Not all loan plans will have the same interest rates. This is why it is so important to consider numerous plans before settling for one. This way you can analyse different plans and understand which one is most suitable. Always use a home loan EMI calculator to know about the monthly instalments of the loan. Even a slight difference in the interest rate can make a significant difference in the overall cost of the loan. Also, do keep in mind to focus on other aspects that increase the total cost of the loan such as the processing fees.

  • Keep a good credit record

It is very important to have a good CIBIL record. This is not just for a home loan, but for any loan. Your credit score is always going to be an important factor in the lender’s evaluation process. Not just this, maintaining a good credit record can get lenders to offer a lower housing loan interest rate. This is because applicants with a good record (above 750) are a safer bet for lenders to rely on for timely repayments.

  • Clear the loan in a short tenure

This might come across as surprising considering most borrowers prefer going for a long tenure as this makes the EMI payments easier. However, repaying the loan in a long tenure means that the interest is adding up with each instalment. Therefore, repaying the home loan in a short tenure and cutting down the number of monthly instalments will help in cutting down on the home loan rate.

Also, you can avail tax benefits of up to Rs 2 lakh on the interest paid under Section 24(b) of the Income Tax Act of 1961. So, keep these tips in mind to save money on the housing loan interest.

read more
Loans

5 Factors to Remember Before Applying for a Home Loan

Are you buying a home? A home loan is the best way to purchase a house without spending all your savings and when you do not have enough money to make the complete payment. Banks have made the process of applying for a home loan pretty simple. Plus, the repayment plans are very flexible.

Here’s a look at 5 factors you need to keep in mind when applying for a home loan.

1. Down Payment

Down payment is the amount you pay in advance. The bank pays part of the home’s value, and you have to pay the remaining amount. Banks can pay up to 90% of the value of your house, which means you only need the remaining 10%.

The down payment requirements can vary depending on your:

  • Eligibility
  • Credit score
  • Property’s cost
  • Income

You can also volunteer to pay a higher down payment to reduce the interest rates on the home loan.

2. Interest Rate

Banks charge interest on loans, which is repaid with monthly instalments. The interest rates on home loans can be:

  • Fixed: The interest rate remains fixed for the term of the loan
  • Floating: The rate fluctuates as the market conditions change

A fixed-rate home loan is a good option if you want the amount payable to remain the same throughout the term of the loan. The floating interest, on the other hand, is for those who want to save money on the loan in the long run. It is typically 1-2% lower than the fixed interest rate. Compare the home loan interest rates of different banks online before making a choice.

3. Tenure

Tenure is the term of the loan. A long tenure means you get plenty of time to repay your home loan. It also eases your instalment burden, as you have to pay smaller instalments every month. The tenure may be as high as 30 years, which gives you enough time to repay at your convenience.

4. Additional Charges

In addition to the interest, there could be some other charges on a home purchase. Check out these additional charges in advance to get a clear idea of how much money you need when applying for a loan.

These expenses may include:

  • Processing fees: It’s paid after your home loan request is approved. The processing fee is mostly 1% of the total loan amount.
  • Late Payment penalties: There is no penalty on early payments, but delayed payments can cost you a fee. So, check the late payment penalty conditions with the bank.
  • Foreclosure: This is an amount paid if you pay off the loan before the term ends. This penalty is typically not applicable in floating interest rate home loans.

5. Tax Benefits

Tax rebates or benefits are available on home loans, especially for first-time homebuyers. Your taxable income can be reduced by up to Rs.1.5 lakhs on the interest you pay. These benefits are only for those who purchase a property priced at Rs.45 lakh or below.

A home purchase is a long-term decision. Consider the above factors before comparing home loans and choose one with the best interest rate and flexible down payment requirements.

read more
Loans

A BEGINNER’S GUIDE TO INVESTING IN MUTUAL FUNDS

You must often stumble across the term mutual funds. Do you wonder what is a mutual fund? Well, look no more. This articles aims to cover the basics about mutual funds such as what is a mutual fund, types of mutual funds, benefits of investing in mutual funds, and how to invest in mutual funds.

What is a mutual fund?

Mutual funds are investment vehicles that consists of a portfolio of several asset classes such as bonds, stocks, real estate, money market instruments, cash and cash equivalents, etc. The fund manager pools the money of several investors and invests in these securities.

Types of mutual funds

Based on asset class, mutual funds are divided into three types:

  1. Equity mutual funds – Also known as growth funds, equity funds invest more than 60% of their total assets in equity shares of companies as per SEBI’s (Securities and Exchange Board of India) categorization
  2. Debt mutual funds – Also known as bond funds or fixed-income funds, debt funds invest the majority of their portfolio in fixed-income securities such as corporate debt securities, government securities (g-secs), corporate bonds, money market instruments, government bonds, etc.
  3. Hybrid mutual funds or balanced funds – Hybrid funds invest in more than one type of asset classes, usually debt and equities.

Based on structure, mutual funds are divided into the following types:

  1. Open-ended mutual funds – Open-ended mutual funds are a type of mutual funds that can issue unlimited shares. Thus, an investor can purchase ‘n’ of shares on any working day at the prevailing NAV (net asset value) of the scheme.
  2. Close ended mutual funds – Under close-ended funds, units of a mutual funds are bought during the NFO (New Fund Offer) at NAV of the mutual fund. Post this, no investor can subscribe or sell their mutual fund units.

Benefits of investing in mutual funds

Following are some of the advantages of investing in mutual funds:

  1. Mutual funds help to diversify an investor’s investment portfolio.
  2. Mutual funds help to lower the tax outgo with the help of tax saving mutual funds or ELSS mutual funds that are eligible for a tax deduction of up to Rs 1.5 lac per annum.
  3. Ideal for investors who do not have the much-needed time and resources to study and understand the markets, mutual funds provide professional management to investors.
  4. Mutual funds are very transparent in nature as they are heavily regulated by the Securities and Exchange Board of India (SEBI).
  5. Mutual funds allow investors to invest small, insignificant amounts at regular intervals with the process of SIP investment. SIP or Systematic Investment Plan, thus, inculcates financial discipline among investors.

How to invest in mutual funds?

An investor has the option to invest in mutual funds either through the traditional offline way of investing or they can invest in mutual funds online from the comfort of your home. Thanks to advanced technology, investing in mutual funds will not take a huge amount of your time or efforts. You just need to submit certain documents such as PAN (permanent account number) details, bank details, etc. Next, you need to complete the KYC (know your customer) formalities, and submit a copy of cancelled cheque.

If you wish to calculate returns on mutual funds, you can use an investment tool known as mutual fund calculator. A mutual fund return calculator offers investors with an approximate future value of their mutual fund investments. Use this tool to your disposal and plan your investments carefully. Happy investing!

read more
Loans

Does Credit Score Lower your Home Loan Interest Rate – Explained!

Various factors determine your home loan interest rates, like, your income, age, qualification, property value, etc. Among all of them, your credit score is a crucial factor that has a larger impact. Your credit score determines the approval of your loan application and also interest rates. Therefore, you must know what a credit score is and why you should try to maintain a healthy credit score. Here is a brief guide on credit score and its impact on your home loan interest rates.

What Is a Credit Score?

A credit score or CIBIL score is a three numerical figure that represents your creditworthiness and repayment capacity. In India, the credit score is measured on a scale of 300 to 900, where 300 is the lowest and 900 is the highest. Lenders check your credit score whenever you apply for loans or credit cards. In India, the ideal credit score for a home loan is considered to be 700 and above.

How Is Credit Score Determined?

Credit bureaus take into account various factors while determining your credit score. They collect information about your financial history, debt and current obligation for the score. They keep a month- to month record of your EMI payments and credit card bills. They also consider your credit utilisation ratio, that is, the usage of your credit card. They also consider the number of debts you have and the number of times you apply for loans.

Why Does Credit Score Matter for Lenders?

Lenders take a huge risk when they lend you lakhs of money as a home loan. However, a healthy credit score is an assurance for the lender that you are capable of repaying the loan timely. A low credit score could indicate that your debt management is weak, and you could default in making payments. Therefore, lenders prefer an applicant with a high credit score to ensure that they will be paid back.

Does Credit Score Impact Your Home Loan Interest Rates?

With your credit score, the lenders judge if you will be able to repay the loan. Therefore, yes, a credit score is a crucial determinant of your home loan interest rates. If you have a score below 600, lenders can outrightly reject your loan application. It is because they have doubts about your repayment capacity.

The higher your credit score, the higher is your credibility and creditworthiness. Therefore, a low credit score can increase your interest rate. Whereas, if you have an exceptional credit score, you can expect to get an offer of low-interest rates from the lender. Many lenders also offer to waive the home loan fees and quicken the loan process for applicants with a high credit score.

A credit score is an important determinant of your home loan approval and interest rates. Therefore, before you avail a housing loan, you must check your credit score and proceed when you have a score of at least 700. If not, it is suggested to take steps to improve it before you apply for a home loan.

 

 

read more
Loans

How to get the best personal loans in Singapore

A personal loan is an amount you can borrow from a bank or money lender in case of an emergency or a planned expenditure that requires you to have more funds than you possess. While getting a personal loan gives you a certain freedom to be able to spend an amount for a need that would have otherwise been difficult for you, one must remember that a loan must be used responsibly.

Also, before applying for a loan there are certain things that you must consider including if this is the best personal loan for you. The best personal loans are ones that give you lesser personal loan interest rates and give you some flexibility to repay the loan amount. Before you zero in on a bank or money lender that you will be borrowing the loan from here are a few things you must consider to ensure you’re applying for the best personal loans.

Interest Rate

The number one question that you must ask any bank or money lender is the personal loan interest rate they are offering. Now when you talk about interest rate one must know the difference between Applied Rate (AR) and Effective Interest Rate (EIR). Now an Applied Rate is the one where the loan principal remains the same throughout the tenure of the loan. It does not take into account the fact that after each repayment the principal amount is reduced.

Now an EIR reflects the actual cost of borrowing provided the repayment is made on time. This is calculated after the consideration that over a period of time there will be a reduction in the principal amount.

Additional fees and processing charges

When you take a personal loan in Singapore remember that apart from the interest rate that you would be paying there are certain fees that you may consider too. A good personal loan promotion in Singapore is one that gives you a competitive annual fee. Now, an annual fee is the fixed sum that a bank charges as a fixed sum every year of your repayment plan. So, if you take five years to repay the loan you may have to give five instalments of annual fees.

Another thing that you need to keep in mind is the late payment fees. While you may have all the best intentions to repay the amount in time, sometimes unforeseeable events can happen and you may skip a payment or repay less than the agreed amount. A best personal loan is one that does not apply very hefty or stringent late payment fees.

The funds transfer

A personal loan promotion in Singapore often mentions the tenure in which you will be able to get funds transferred to your account. Depending upon the time and ease with which you can take a personal loan in Singapore one must consider choosing the bank or licensed money lender.

Remember a loan is required mostly in a situation where you need the money urgently so a quick loan is a factor that is to be considered. While it depends on a lender how quick their processing time is from your end you can quicken the procedure by keeping all your documentation ready and streamlined.

Lender assurance

Now for any financial transaction, the most important thing to consider is the reputation of the bank or the money lender. A lender who does personal loan promotion in Singapore often comes with a good review. A reliable and well-established lender is always transparent in their dealings, and does a thorough check of your credit history. A big bank with a reputed name should be your first choice for the best personal loans.

Early repayment fees

Another important consideration while applying for a personal loan in Singapore is also how much the bank will charge in case of early repayment. While a simple calculation may make you think that the lender should be happy to receive the amount early, this is not how transactions in the financial world work.

By repaying the amount earlier than you anticipated your lender or bank may not be able to make the expected profit on your money. In such a case you must ask beforehand about the early repayment fee for you to make an informed decision on the best personal loans in Singapore.

read more
Loans

Avail Instant Personal Loan Today Without Leaving Your House!

When uncertainties surround us in this day and age, personal loans can come to the rescue. The funds can be used to take care of a medical emergency, your dream wedding, home renovation, or any other personal fund requirement. The urgency of these funds hints that banks should release them as quickly as possible.

While availing of a personal loan may seem like a task, technology has solved the problem.

Lenders today offer instant personal loans at the convenience of your doorstep.

Yes, you heard it right! No more long queues and never-ending branch visits. If you need a personal loan, apply for it online keeping the eligibility criteria in mind.

The personal loan application is an instant and easy process that can be done online in just a few simple steps.

  1. Navigate to the personal loan section of your lender’s website
  1. Fill in your basic details and submit the documents required online. (Identity proof, Residence proof, Bank Statements, Salary Slips, and passport size photograph)

Et voilà, you’re done!

In no time, your lender’s backend team will then work their magic, and your loan will be approved.

Are you messy about your EMI calculations? We’ve got you covered!

You can navigate to the personal loan EMI calculator section online on your lender’s website.

The personal loan EMI calculator will help you determine:

  1. The monthly EMI you need to pay.
  1. The total amount of interest you’ll incur over the period.
  1. The total sum payable to the lender over the period.

Here’s why applying for a personal loan online is the right way to go:

  • Hassle-free experience:

With minimal documentation and a quick disbursal system, the online personal loan application system is the new mainstream.

  • Competitive Personal Loan Interest rates:

Lenders are providing the funds at the most affordable and competitive personal loan interest rates in the market.

  • Paperless Approvals for sanctioning:

The new framework claims to be paperless with all the formalities done online, along with an effortless personal loan application.

  • Quicker Disbursal of the fund:

You are barely a few clicks away from your loan disbursement.

  • Collateral free loan:

Personal loans can also be issued without collateral, provided you meet the lender’s eligibility criteria.

  • Prepay any amount any time:

You can choose to prepay your loan installments at any time and reduce your loan burden.

  • Unrestricted end use:

Unlike car loans or home loans, where the end use of the funds is restricted to the specified purpose, one can use a personal loan without any usage restrictions.

  • Plan your repayment schedule:

You no longer need the bank to decide the EMI. You can manage the repayment schedule all by yourself. The personal loan EMI calculator will be available at your disbursal to calculate your EMI.

  • Flexible tenure:

One can choose any tenure between the range specified and can pay his EMI according to the calculation done by the Personal Loan EMI Calculator.

read more
Loans

Valuable Points To Remember Before Taking Loans For Starting A Restaurant

Now is the best time to move on in life and follow your dreams. If you have been contemplating starting a restaurant business for a long time, go for it now. But there is a lot of work to handle beyond just setting up a restaurant and café than planning the menu and décor. You have to think of where and how to procure the loans for the same too. Here we provide you with a list of things to do and cross off the checklist for an easy reckoner.

Note the Things You Need

It would include getting the trade license, the website domain, and the license fees. Then you will need capital for establishing property and renovating it along with the purchase of inventory. Also, you will need various essential kitchen appliances, including the mixer and kettle. Listing down the various sites offering the best kettle brand in India and other appliances will be handy later.

Moreover, having working capital in hand for the regular expenses like purchasing fresh vegetables or meat daily and paying the staff members’ wages is also essential.

Check the Types of Loans Available 

You can get regular or conventional loans with a low rate of interest. You can even decide the number of years for the loan. The only areas of concern with these loans would be the need to wait for long to get these loans after tons of paperwork and providing collateral.

You may even go for the short-duration loans that can be ideal for working capital or daily expense management. There are long-duration ones if you are willing to pay the loans back in as long as 10 years.

Go through the Documents and Eligibility

You need to check through this list of eligibility before you apply for a loan. Check whether the financial institution asks for collateral or plans to hypothecate the property in exchange for the loan. Also, see if it wants an excellent credit score to get that loan. If you have all of these, see if the bank is asking for a specific down payment. Once you pay a certain percent of the entire amount as a down payment, please take a copy of the document and show it as proof. It would give the bank the trust in you to invest in your project loan.

Anticipate Problems and Have Backup

Many small and startup restaurants often start with their old and second-hand furniture or appliances. Chances are there for these to fail to work after some time or break. These are problems that you would need to anticipate. If your AC fails, you will at least need to have the best portable air cooler. You might also need to look out for power emergencies. These require you to plan and save well in advance.

With these pointers in mind, you will have to prepare for taking loans for your startup café or restaurant. None of these expenses are unprecedented, and hence, do not leave out any of you starting a new restaurant business today.

read more
1 2 3 6
Page 1 of 6